EquityPandit’s Outlook for NIFTY Auto for the week (February 08, 2016 – February 12, 2016):

NIFTY AUTO:

Nifty AUTO index closed the week on negative note losing around 1.40%.

As we have mentioned last week that support for the index lies in the zone of 7400 where channel support for the index is positioned. If the index closes below this levels then the index can drift to the levels of 7200 from where the index has broken out in the month of August – 2014. During the week the index manages to hit a low of 7315 and bounce to close the week around the levels of 7500.

Support for the index lies in the zone of 7200 from where the index has broken out in the month of August – 2014 and channel support for the index is lying. If the index manages to close below this levels then the index can drift to the levels of 7000.

Resistance for the index lies in the zone of 7600 to 7700 where 500 Daily SMA and 100 Weekly SMA is lying. If the index closes above this levels then the index can move to the levels of 8000 where 100 Daily SMA is lying.

Broad range for the index is seen from 7250 to 7300 on downside to 7600 to 7700 on upside.